FX.co ★ Elliott wave analysis of The Nifty 50 Index for June 29, 2021

The Nifty 50 index should see a final rally into the target-zone between 16,978 - 17,177 target-area from where the largest correction since the March 2009 low should be expected. The minimum target for the correction after the final rally into the 16,978 - 17,177 target area is a decline to the low of wave 4 at 7,511 and possible even a deeper decline as an even larger impulsive rally is near completion.

We currently see a clear loss of upside momentum indicating a long-term top is close, but remember that the final peak still could be months away and when we least of all awaits the peak it will be seen.

Trading recommendation:

If long Indian shares it's time to tighten your stops and maybe even sell most out near the expected peak at 16,978 for a larger corrective decline. The largest decline since the March 2009 low.